Whether you are starting a new business or have an existing business seeking a capital infusion it’s a good idea to develop a fluid business plan that provides a roadmap for your company’s direction and intended success. Your plan should project out for the next three to five years and include the following eight categories:
1. An Executive Summary: This is the most important part because it provides the reader with a quick snapshot of your business. I recommend you complete the following sections first as they will shape and add a richer dimension to your summary.
2. Company Description: Describe your company, what you do, how you do it and the needs your company fills. It is your marketing script that can quickly help a lender or investor understand what you are uniquely bringing to the market place.
3. Market Analysis: Obviously it is fiscally responsible to research your target market but this step is often neglected with the excitement of what appears to be a “good idea”. Who is your target market and why is your product or service relevant to them. What need are you satisfying and how is the market currently filling this need? Who are your main competitors